Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.</li>
<li>After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.</li>
<li>Unusually, the lower limit is 50.1%. This is an OK exit for the "<a href="https://www.smartkarma.com/insights/thinking-about-topcon-7732-and-the-new-meti-enabled-bad-cop-good-cop-routine" target="_blank" rel="noopener">Bad Cops</a>" but not a great one. It should be higher. Start delayed for 4 months.</li>
</ul>


The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.
After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the "Bad Cops" but not a great one. It should be higher. Start delayed for 4 months.


[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.</li>
<li>In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.</li>
<li>FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.</li>
</ul>



Terumo Corp (4543 JP) reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.
In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.
FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.


Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta on a 20-day winning steak with humanoid robots into the mix.</li>
<li>Yakult's spike on Friday and subsequent drop may point to more upside given big shareholder returns.</li>
<li>Olympus facing a much harsher reality in China than management were initially suggesting.</li>
</ul>


Meta on a 20-day winning steak with humanoid robots into the mix.
Yakult's spike on Friday and subsequent drop may point to more upside given big shareholder returns.
Olympus facing a much harsher reality in China than management were initially suggesting.


Japan Morning Connection: AMAT Pricing in Friday Sets Soft Tone for JP SPE

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.</li>
<li>Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.</li>
<li>Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.</li>
</ul>



Terumo Corp (4543 JP) reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.
Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.
Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.


Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Japan

OLYMPUS CORPORATION manufactures optoelectronic products.  The Company's products include cameras, video sets, endoscopes for medicine and industrial use, microscopes, analytical equipment, office communication systems, laseroptical scanners, and ionic printers.

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Olympus Corp (7733 JP)

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

Japan Morning Connection: AMAT Pricing in Friday Sets Soft Tone for JP SPE

Meta continues winning streak with announcment of AI humanoid robots, Yakult's might have room for upside, and Olympus faces a harsher reality in...

Andrew Jackson

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

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[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The Topcon Deal is out. ¥3,300/share. This may or may not please activists. It is light given extreme confidence in the eyecare biz. But if...

Travis Lundy

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

​Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

Japan Morning Connection: AMAT Pricing in Friday Sets Soft Tone for JP SPE

​Meta continues winning streak with announcment of AI humanoid robots, Yakult's might have room for upside, and Olympus faces a harsher reality in...

Andrew Jackson

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

​Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Meta continues winning streak with announcment of AI humanoid robots, Yakult's might have room for upside, and Olympus faces a harsher reality in...

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...